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KineticoH20
01-24-2007, 01:39 PM
The number of Californians defaulting on their mortgage loans is rising rapidly, according to figures released Tuesday, providing striking evidence that more people are at risk of losing their homes.
Default notices jumped 145% in the last three months of 2006, accelerating a trend that began in late 2005 as home sales started to cool.
It was the largest number of default notices in any three-month period since 1998.
Analysts said the increase was not worrisome — yet. But if the number continues to escalate, it could drag down home values in certain communities, they warned.
"So far, this isn't alarming," said John Karevoll, chief analyst at DataQuick Information Systems, which compiled the data. But if default notices "keep going up at this rate, it could get nasty fast," he added.
Home markets that are most vulnerable include the Inland Empire and the Central Valley, both of which drew throngs of first-time buyers even as the housing boom was ending.
Such homeowners are the most at risk of losing their homes because they have relatively little equity in their properties, making it harder to refinance their mortgages.

Pussywhippled
01-24-2007, 02:00 PM
I know I want to be the BMOC or popular, but this is one list I want to avoid...

TOBTEK
01-24-2007, 02:06 PM
http://media.movieweb.com/galleries/2417/posters/poster1.jpg

Wheeler
01-24-2007, 02:06 PM
How long should I wait, before I purchase a house in Orange County?
Will prices continue to go down?

TOBTEK
01-24-2007, 02:15 PM
find a GOOD agent, Find homes you like that have been on the MLS for an extended amount of time, or even re-listed. And start throwing out offers.... Many deals to be had. Have a client that has picked up 4 homes in the last few months WAY below market value. "ANYTHING purchased right is already half sold"
AND call me for your financing :)

Cole Trickle
01-24-2007, 02:22 PM
How long should I wait, before I purchase a house in Orange County?
Will prices continue to go down?
It's a game of risk....
If you wait too long for prices to come down then you chance rates going up.
Right now prices and rates are pretty good. It could swing anytime.:)

My Man's Sportin' Wood
01-24-2007, 02:41 PM
Definitely turning into a buyers market real quick.

No Name
01-24-2007, 02:44 PM
It's a game of risk....
Just like life.......:D

Wmc
01-24-2007, 02:53 PM
Homes are stabilzing. They won't being going down too much. Now is a good time to buy and rates are still low. As Toby stated so many homes are for sale and have been for 6-12 months, some of these people may even be in default because they can't afford the house payment, like my neighbor!!! Make offers now while rates are low. Good luck!
Wendi Cook
Provident Bank Mortgage
951-990-0328

AirtimeLavey
01-24-2007, 03:01 PM
The number of Californians defaulting on their mortgage loans is rising rapidly, according to figures released Tuesday, providing striking evidence that more people are at risk of losing their homes.
Default notices jumped 145% in the last three months of 2006, accelerating a trend that began in late 2005 as home sales started to cool.
It was the largest number of default notices in any three-month period since 1998.
Analysts said the increase was not worrisome — yet. But if the number continues to escalate, it could drag down home values in certain communities, they warned.
"So far, this isn't alarming," said John Karevoll, chief analyst at DataQuick Information Systems, which compiled the data. But if default notices "keep going up at this rate, it could get nasty fast," he added.
Home markets that are most vulnerable include the Inland Empire and the Central Valley, both of which drew throngs of first-time buyers even as the housing boom was ending.
Such homeowners are the most at risk of losing their homes because they have relatively little equity in their properties, making it harder to refinance their mortgages.
Here's the WHOLE article......http://www.latimes.com/news/local/la-fi-foreclose24jan24,0,4412832.story?coll=la-home-headlines

Cole Trickle
01-24-2007, 03:02 PM
Homes are stabilzing. They won't being going down too much. Now is a good time to buy and rates are still low. As Toby stated so many homes are for sale and have been for 6-12 months, some of these people may even be in default because they can't afford the house payment, like my neighbor!!! Make offers now while rates are low. Good luck!
Wendi Cook
Provident Bank Mortgage
951-990-0328
Always the Saleswoman!!!:D:devil:
You and big Willy up for Rhino/Ranger rides Presidents weekend?

Wmc
01-24-2007, 03:10 PM
I believe Big Will wants to go. It sounds like lots of fun. He and the boys are going to Glamis this weekend for some Ranger deal. I'm sure they'll get into lots of trouble (LOL). We will see you president's, wait there are 2 presiden't holidays, which one Lincoln or Washington?

Cole Trickle
01-24-2007, 03:12 PM
I believe Big Will wants to go. It sounds like lots of fun. He and the boys are going to Glamis this weekend for some Ranger deal. I'm sure they'll get into lots of trouble (LOL). We will see you president's, wait there are 2 presiden't holidays, which one Lincoln or Washington?
I thought you had learned not to let him leave the house without you?:devil: :devil: :sqeyes:
Weekend of Feb 16-18th
I will bring a tow rope so we can pull his crappy Ranger up the hills;):D

Wmc
01-24-2007, 03:15 PM
I thought you had learned not to let him leave the house without you?:devil: :devil: :sqeyes:
Weekend of Feb 16-18th
I will bring a tow rope so we can pull his crappy Ranger up the hills;):D
Your going to be in trouble for the comment!!!! We will be there. I' not a fan of Glamis, so he can go without me. I'm not a SAND person.

dumbandyoung
01-24-2007, 03:18 PM
real estate has always shown itself go up every 7-10 year...higher than it was 7-10 year before. if you buy now and are planning to live there for a while. make the move. there are many good deals out there that are selling right when they hit the market. there are also alot of properties that have been on the market for over a 100 days or been relisted by few agents that have no clue how to get a home sold in this market place. i dunno it seems like they just like to have listings for some reason. they usaully have no sales skills so i know they are not getting buyer leads from them. anyways. ....look for thoses properties as well. im working with a team of investors that are looking for investment properties in pomona right now. we are only looking at properties that have been on the market for an extended time or that the owner has owned for a short time and cannot afoord to keep them. We have successfully found 2 so far that we have successfully closesd escrow on. .. so here is my point. if you are renting and want to own a home but cant see why at this time because rent is so much cheaper. .. you have a home to sell or would concider keeping but you dont understand why is a great time to buy. ....Call me. i have a system that can show you whether based on your needs if this is the right thing for u.
****My top 5 reasons that this is a GREAT market
1. low rates.
2. 100% financing
3. Lots of homes to choose from
4. buyers agents are able to negotiate some of the best deals for you.
5. Are economy is still great

Mandelon
01-24-2007, 03:42 PM
Home defaults up 145%
Isn't it great! :D

AirtimeLavey
01-24-2007, 03:47 PM
Home defaults up 145%
Isn't it great! :D
Ambulance chaser.......:jawdrop: ;)

C-2
01-24-2007, 03:49 PM
Home defaults up 145%
Isn't it great! :D
It's just an illusion. :D :D

C-2
01-24-2007, 03:53 PM
Ambulance chaser.......:jawdrop: ;)
That's pretty funny, lol

CA Stu
01-24-2007, 04:37 PM
Have a client that has picked up 4 homes in the last few months WAY below market value.
Isn't that an oxymoron?
Didn't he just set the market value for the properties he bought, by definition?
Isn't "market value" (http://dictionary.reference.com/browse/market%20value)whatever one can get for a property? :confused:
Maybe you mean "book value"?
http://www.topthatpublishing.com/cat_images/cf/classic_fairytales_big.jpg
Home prices have been ridiculous, and a lot of smoke-and-mirrors financed properties are going to be on the block real soon.
Sucks for some, not so much for others, I reckon.
Thanks
CA Stu

Mandelon
01-24-2007, 04:46 PM
Ambulance chaser.......:jawdrop: ;)
RRrrrrrrRRRRrrrrRRRRRrrrrrRRRRRRrrrRRrrrrRRRRRRrrr rrrrRRRRRRRR :devil:
Its all part of the circle of life.......:D

2Driver
01-24-2007, 05:01 PM
How long should I wait, before I purchase a house in Orange County?
6-12 months before the buggy and boat market turns around. Those will be post indicators :D :D

dumbandyoung
01-24-2007, 05:07 PM
real estate has always shown itself go up every 7-10 year...higher than it was 7-10 year before. if you buy now and are planning to live there for a while. make the move. there are many good deals out there that are selling right when they hit the market. there are also alot of properties that have been on the market for over a 100 days or been relisted by few agents that have no clue how to get a home sold in this market place. i dunno it seems like they just like to have listings for some reason. they usaully have no sales skills so i know they are not getting buyer leads from them. anyways. ....look for thoses properties as well. im working with a team of investors that are looking for investment properties in pomona right now. we are only looking at properties that have been on the market for an extended time or that the owner has owned for a short time and cannot afoord to keep them. We have successfully found 2 so far that we have successfully closesd escrow on. .. so here is my point. if you are renting and want to own a home but cant see why at this time because rent is so much cheaper. .. you have a home to sell or would concider keeping but you dont understand why is a great time to buy. ....Call me. i have a system that can show you whether based on your needs if this is the right thing for u.
****My top 5 reasons that this is a GREAT market
1. low rates.
2. 100% financing
3. Lots of homes to choose from
4. buyers agents are able to negotiate some of the best deals for you.
5. Are economy is still great
:)

CA Stu
01-24-2007, 05:12 PM
:)
How about you learn the difference between "our" and "are" first, Einstein?
And why is 100% financing a sign of a GREAT market ?
Thanks
CA Stu

C-2
01-24-2007, 05:16 PM
How about you learn the difference between "our" and "are" first, Einstein?
And why is 100% financing a sign of a GREAT market ?
Thanks
CA Stu
Because it makes us bottom feeders rich. The banks don't mind foreclosing on an 80/20 deal either. Sux for the second holder.

CA Stu
01-24-2007, 05:17 PM
Because it makes us bottom feeders rich. The banks don't mind foreclosing on an 80/20 deal either. Sux for the second holder.
Brutal honesty, I love it. :)
Thanks
CA Stu

AirtimeLavey
01-24-2007, 05:21 PM
How about you learn the difference between "our" and "are" first, Einstein?
And why is 100% financing a sign of a GREAT market ?
Thanks
CA Stu
Other than what C-2 said, it also provides accessibilty to the market, which might be a qualification for a "great market". That's not to say I necessarily agree w/the other comments. I also think that accessibility in terms of affordability is a problem. Tough to see this day in, day out. Those that know how to work down markets, are getting excited.

dumbandyoung
01-24-2007, 05:25 PM
How about you learn the difference between "our" and "are" first, Einstein?
And why is 100% financing a sign of a GREAT market ?
Thanks
CA Stu
Wow and im the stupid one?? :D
100% financing is good because in a hot market... the people with more cash in hand will get the house. so banks wont focus making up hundreds of programs for people who dont. To able to buy a home without putting any money down or pay any closing costs or escrow fees is a great thing and alot of people are doing it! So now there is alllllll this inventory. the banks need to find ways for more of it to sell which means help the ones who can afford the payments and expense of owning a home but dont have the money up front to put into it.
here is an example for you in case i didnt elaborate enough...
would you rather go to a car dealer and buy a new car with no money down or 10k down?...its a rhetorical question:)

Kilrtoy
01-24-2007, 05:25 PM
How come the only people that say the market is just Fine is the R.E. People, when the rest of us can see the light

dumbandyoung
01-24-2007, 05:33 PM
How come the only people that say the market is just Fine is the R.E. People, when the rest of us can see the light
if you believe everything the news says go ahead and think that.
this market is all psychological.
its funny i was at 3 boat dealers in the past 2 weeks and i mentioned to all of them how slow boat sales are slower and it seems there are alot more boats on the market than the last few winters. they all were very optimistic about there market. which is what you should be.
meaning..if rel estate people sell real estate then shouldnt they be optimistic and not pesimistic? who wants to be around a negative person all the time? thats why i dont watch the news. i cant stand listing to negative crap

Kilrtoy
01-24-2007, 05:36 PM
if you believe everything the news says go ahead and think that.
this market is all psychological.
its funny i was at 3 boat dealers in the past 2 weeks and i mentioned to all of them how slow boat sales are slower and it seems there are alot more boats on the market than the last few winters. they all were very optimistic about there market. which is what you should be.
meaning..if rel estate people sell real estate then shouldnt they be optimistic and not pesimistic? who wants to be around a negative person all the time? thats why i dont watch the news. i cant stand listing to negative crap
Sorry, but im referring to reality, I dont watch the news of read the paper.
I read HB online...
and yes house prices are falling where I live faster than the walmart signs

C-2
01-24-2007, 05:38 PM
There are THREE houses in my neighborhood right now going down; two in the process, one bank owned, all THREE 100% loans, all THREE owned less than a year.
Great deal?
Fawk yes - for our twentysomething year old friends looking for their first house. The bank owned home sold for the high $500's less than 1.5 years ago, today it's at $479K.
I love this redhot market.

dumbandyoung
01-24-2007, 05:38 PM
hahaha
nothing falls faster than walmart signs.. haha

Troy McClure
01-24-2007, 05:45 PM
if you believe everything the news says go ahead and think that.
this market is all psychological.
its funny i was at 3 boat dealers in the past 2 weeks and i mentioned to all of them how slow boat sales are slower and it seems there are alot more boats on the market than the last few winters. they all were very optimistic about there market. which is what you should be.
meaning..if rel estate people sell real estate then shouldnt they be optimistic and not pesimistic? who wants to be around a negative person all the time? thats why i dont watch the news. i cant stand listing to negative crap
YOU ARE RIGHT.
Speaking of that, I have a contact in Nigeria that has a lot of money and needs to get it out of the country. All you have to do is send me your checking account #, SS #, address, mothers maiden name etc. I'll make sure you get a good chunk of the money (shhh.. supposedly it is several million dollars, you'll get AT LEAST a 25% cut.) He sounds like he is a VERY optimistic person and does not talk about anyone negatively.
Hurry up, you can PM me your information and I will forward it. OH and DON'T talk to ANYONE about this. Of course to move things along on my end I will need a small deposit from you. You know to make sure you are interested and are not going to try and scam me or anything.
Thinking optimistically for you,
Troy

CA Stu
01-24-2007, 06:02 PM
here is an example for you in case i didnt elaborate enough...
would you rather go to a car dealer and buy a new car with no money down or 10k down?...its a rhetorical question:)
Your comparison is invalid.
A car is a rapidly depreciating asset, and according to you, any house is an appreciating asset in 7 to 10 years.
Personally, I reckon 100% financing combined with the unethical practices of some loan agents, home appraisers, and realtors in cahoots with one another is a way for some to benefit at the expense of others.
Anyone selling an apartment building? I see a lot of renters in the future....
Thanks
CA Stu
PS I'm not defined by my possessions. I haven't financed a new car for myself for over 10 years.

Trailer Park Casanova
01-24-2007, 06:03 PM
We have perfect FICO scores,, max,,,
What interest rate would we get for $600K? (30 yr)
Or do FICOs mean anything for RE loans?

locogringo
01-24-2007, 06:13 PM
How come the only people that say the market is just Fine is the R.E. People, when the rest of us can see the light
I agree with you Klr.
Most RE agents are in denial. The facts and figures of what is happening isn't just smoke and mirrors.
Experts who track this market and have gone through at least two previous cycles, forecast that this will be really bad one (or good depending what side of the stick you are on).
When 50% of the active MLS listings in San Diego are vacant, what is that telling you?
Anyone who doesn't believe me about what is going to happen over the next 4 years, feel free to go to www.thenorrisgroup.com. He is a leading analyzer of what market trends are.

Hallett19
01-24-2007, 06:14 PM
I am holding over 20 foreclosure listings right now :jawdrop: Havent seen this kind of action since the tale end of the 90's
Who wants to buy??

Hallett19
01-24-2007, 06:16 PM
Your comparison is invalid.
A car is a rapidly depreciating asset, and according to you, any house is an appreciating asset in 7 to 10 years.
Personally, I reckon 100% financing combined with the unethical practices of some loan agents, home appraisers, and realtors in cahoots with one another is a way for some to benefit at the expense of others.
Anyone selling an apartment building? I see a lot of renters in the future....
Thanks
CA Stu
PS I'm not defined by my possessions. I haven't financed a new car for myself for over 10 years.
I have a duplex in Pasadena, 480k, 2 large 1 bedroom units, needs some work but in a great area.

locogringo
01-24-2007, 06:16 PM
Are your listing REo's or homeowners trying to sell who are behind?

Hallett19
01-24-2007, 06:23 PM
.... Sux for the second holder.
Not necessarily ;)

Hallett19
01-24-2007, 06:24 PM
Are your listing REo's or homeowners trying to sell who are behind?
They are all REO's, already forclosed on, most with asset managment companies, and all vacant, clean and ready to sell.

locogringo
01-24-2007, 06:26 PM
They are all already forclosed on, most with asset managment companies, and all vacant, clean and ready to sell.
2 out of three fit my criteria. I am looking for as is, needing work and on the REO market for at least 180 days.

77charger
01-24-2007, 06:47 PM
6-12 months before the buggy and boat market turns around. Those will be post indicators :D :D
Been checking out prices already dropping or staying on market for a along time.Hell look in the spam section there are boats that have been there for months and seems some have dropped asking price a little.Same gos for toyhualers.Picked up a trader lately its getting bigger
I aint in the market for a buggy or a boat i am happy with my stuff i already have but just check out whats for sale.
Financing on a buggy is hard to get usually a home equity or cash in full.

dumbandyoung
01-24-2007, 06:51 PM
YOU ARE RIGHT.
Speaking of that, I have a contact in Nigeria that has a lot of money and needs to get it out of the country. All you have to do is send me your checking account #, SS #, address, mothers maiden name etc. I'll make sure you get a good chunk of the money (shhh.. supposedly it is several million dollars, you'll get AT LEAST a 25% cut.) He sounds like he is a VERY optimistic person and does not talk about anyone negatively.
Hurry up, you can PM me your information and I will forward it. OH and DON'T talk to ANYONE about this. Of course to move things along on my end I will need a small deposit from you. You know to make sure you are interested and are not going to try and scam me or anything.
Thinking optimistically for you,
Troy
i cant believe you took all that time to type that. your a funny guy. you should do stand up.
thanks for being a waste of time. :D

dumbandyoung
01-24-2007, 06:54 PM
Your comparison is invalid.
A car is a rapidly depreciating asset, and according to you, any house is an appreciating asset in 7 to 10 years.
Personally, I reckon 100% financing combined with the unethical practices of some loan agents, home appraisers, and realtors in cahoots with one another is a way for some to benefit at the expense of others.
Anyone selling an apartment building? I see a lot of renters in the future....
Thanks
CA Stu
PS I'm not defined by my possessions. I haven't financed a new car for myself for over 10 years.
well good for you can u pull down your pants and show us all how big you are too? what i meant was some people can afford the payment but not the up front fees. but you might not understand that cause your such a baller.

Pussywhippled
01-24-2007, 07:03 PM
well good for you can u pull down your pants and show us all how big you are too? what i meant was some people can afford the payment but not the up front fees. but you might not understand that cause your such a baller.
Which one are you? Right or left picture? Mark or Al? Pretty soon everyone on here is only going to know you from behind...

Troy McClure
01-24-2007, 07:08 PM
i cant believe you took all that time to type that. your a funny guy. you should do stand up.
thanks for being a waste of time. :D
Hey, no problem. You would be amazed at how fast you can type using all ten fingers. Thanks for making me laugh as well.
PS, I received your PM and I will start with the particulars. Of course, as soon as your check clears I will have more information for you.
As before, optimistically yours,
Troy

hurleyr
01-24-2007, 08:21 PM
I remember reading all the hype, mostly from real-estate and mortgage brokers, in late 2005 and early 2006. They were all bashing us for talking about the market down turn back then. Same folks now are finally admitting the down turn is here, however will not acknowledge it can continue any further.
I'm no real-estate expert, but I can tell you I remember well when both my brother in-laws took a ten year bath on there house(s) in the 90s. One walked away the other sold after ten years for the same price he originally bought. From what I have read previous cycles lasted about 5-10 years. I'm on the record calling this the early stage of the decline. The market is already down 10-15% in our area. Interest rates are still at historic lows. If fix rates where to start rising I would guess another 10-15% decline is possible. I would rather pay a higher interest rate and pay down or refinance later than pay top dollar and have higher property taxes through the life of a loan.
I'll try to stay on the side lines until it appears the dust has really settled. I'm not sure when that will be, but if history is any indicator it will be at least a few more years down the road.
Anyone else planning to buy soon?

My Man's Sportin' Wood
01-24-2007, 09:06 PM
How come the only people that say the market is just Fine is the R.E. People, when the rest of us can see the light
I was getting ready to post the same thing. Seems like only lenders, RE agents and SummitKarl say how good the market is. Bottom line, there is a ton of inventory (at least here in Menifee/Murrieta/Temecula) and foreclosures are up. I see more and more empty houses with dead lawns and signs in the window that read "for sale by owner" I'm guessing because they can't afford to pay the RE commission and are hoping someone will come along and bail them out. I saw 3 of those in one neighborhood last week. That is reality.

XtrmWakeborder
01-24-2007, 10:52 PM
LOL haven't you heard of HEAVEN in 07? Thats what my real estate buddies "who haven't sold a house yet" are saying. Good thing they dropped out of college huh? lol

bigq
01-24-2007, 11:17 PM
Take a look at the inventory numbers for the the last 3 weeks. People that took their houses off the market are now trying to get back in for a jump on spring. Inventory is going to be way up.
Affrodability is at an all time low. If you guys think the average family can affoer a 400-600k house you are delusional. The market went crazy from bad loans to people that could not really afford the house and look what is happening. Look at how much the price of a home has gone up in relaation to earned income.
Check out what percentage the real estate market is to the GDP. When the market goes down it is going to be bad and hit the economy hard.
Rentals units are coming on the market big time from a lot of conversions that are not going to happen. This is driving the rent down and in turn more will loose property because the rent will not come close to covering the cost of the homes.
Some people in the real estate field are saying the worse is over when it hasn't even begun yet. Realestate markets do not fluctuate in 1- 2 years..Please.

Hallett19
01-25-2007, 07:35 AM
If anyone is interested in seeing any of the REO listings I have I can email them to you. Email me at aaron.vanwagner@dilbeck.com
I'm in So Cal and have listings in Baldwin Park, Azuza, Monrovia, Arcadia, Pasadena, Glendale, La Canada, Sunland and Tujunga and Windsor Hills, and I'm getting more every week.
Some of them are still just under market price but I am starting to see a lot of flexibility on them once they are on for 60+ days.

a catered life
01-25-2007, 07:37 AM
yes i heard on the news this morning that riverside was up 120% from a year ago:(

DCBDaytona
01-25-2007, 07:53 AM
Kilr- You are right on! No matter what profession one is in, optimism is a MUST!
Sorry to bash on RE Agents, but...It looks like the Used Car Lot salesman jobs will be greatly impacted over the next few years. It's simply survival of the fitest at this point! Many RE Agents will be selling their boats, Rhinos, Rails, Hummers, etc. So SAD to see.:sqeyes:

bigq
01-25-2007, 08:38 AM
Kilr- You are right on! No matter what profession one is in, optimism is a MUST!
Sorry to bash on RE Agents, but...It looks like the Used Car Lot salesman jobs will be greatly impacted over the next few years. It's simply survival of the fitest at this point! Many RE Agents will be selling their boats, Rhinos, Rails, Hummers, etc. So SAD to see.:sqeyes:
I think they are a liitle more then a used car salesman. The professionals will be fine and I am sure be able to keep the toys...:rolleyes:

al cole'holic
01-25-2007, 08:58 AM
Kilr- You are right on! No matter what profession one is in, optimism is a MUST!
Sorry to bash on RE Agents, but...It looks like the Used Car Lot salesman jobs will be greatly impacted over the next few years. It's simply survival of the fitest at this point! Many RE Agents will be selling their boats, Rhinos, Rails, Hummers, etc. So SAD to see.:sqeyes:
...feel SAD for 9-5 working stiffs, any agent that is busting isn't working. That is a retarded statement..

boatnam2
01-25-2007, 09:33 AM
i haven't seen a house sale in our hood for awhile,but have a freind who is a re in hemet and he said he seeling plenty of homes.

Mandelon
01-25-2007, 09:41 AM
I was getting ready to post the same thing. Seems like only lenders, RE agents and SummitKarl say how good the market is. .
Don't forget about me! But I find it good for a different reason. We rehab these homes for the banks in preparation for resale, and we are busier than ever. And I mean EVER. There have been only hundreds so far, and there are thousands on the way.
Yes, interest rates are low.....but prices are still too high based on historic income to purchase comparisons. Traditionally your loan amount was 4 times your income.....Your monthly payment was 1% of the home's value. 25% down kept everything in check......not so true anymore.

al cole'holic
01-25-2007, 10:02 AM
..traditionally what..?..if you hypothetically lived where...??...what the...
If California broke off into the Pacific and Nevada and Az was now beachfront property what tradition would it follow...? :hammer2:

bigq
01-25-2007, 10:12 AM
Don't forget about me! But I find it good for a different reason. We rehab these homes for the banks in preparation for resale, and we are busier than ever. And I mean EVER. There have been only hundreds so far, and there are thousands on the way.
Yes, interest rates are low.....but prices are still too high based on historic income to purchase comparisons. Traditionally your loan amount was 4 times your income.....Your monthly payment was 1% of the home's value. 25% down kept everything in check......not so true anymore.
So can ya give someone a heads up on locations that might be coming up?

AirtimeLavey
01-25-2007, 10:35 AM
No one's saying the market isn't cyclical. Duh. What's funny is how many on here wanna be "the one" to call it WAY down. Ok, but the facts are still against you. Yes, appreciation rate is down, but still positive in most areas. Yes, NOD's are on the rise, and Mandelon's busy as ever, but the bottom has not yet fallen out of values. Is it heading down? Seems to be, but then those people who are trying to call it now, have also been saying it for over 4 years, and if they responded that way 4 years, they lost out on a bunch of equity growth. I'm just saying don't panic, and don't just jump on the hype bandwagon based on rumors and speculation on what you think the situation is with your neighbor down the street whose selling their house. There's been very few intellect, estute remarks about the market (except for Kilr' remark that prices are falling faster than Walmart :rolleyes: j/k, but again, you're looking at a predominantly vacation/2nd home market, but still, I know it affects you.) on here.
Everyone's got a blog or a website that they swear has the right answer for what's gonna happen. Please. The best thing, is just be smart when you're buying, and selling, and especially when you're financing. It's the financing that's the big problem at the moment, and many lenders are coming up w/programs to help those greedy, irresponsible, short-sighted homeowners who got themselves in over their heads. But what the hell, might as well blame everybody else for your problems. It's the realtors' fault, or the lender' fault, whatever. I guess guns kill people, and the people holding the guns and pulling the trigger are just innocent victims. I prefer to take responsibilty for my own actions.
People are still buying and sellng houses. It's not the end of the world, and for the long term, it's still going to be hard to beat RE. Although the stock market has been good, over the past year. While there are more and more short sales and NOD's out there, most of our client's that are selling, are selling for a profit, although in some cases, it's just not as much of a profit as they initially were hoping for.
As for "For Sale By Owners", there's more because it's that Home Depot mentality right now. Everyone thinks they can do it themselves. The facts: Based on a survey of 7800 FSBOS last year, 97% of all home sales in So Cal, involve a realtor. Those FSBOs that were successful, ended up selling for 16% less than what realtors sold similar homes. You do the math. A lot of our business comes from FSBOs that give up after a few months of frustration, or finding out what all's involved, and how much more realtor's can do.
I would say that it's not only realtors, lenders, etc that know what's going on in the market, but we're in it everyday, so we probably have a good idea. :D And so far, I'm not planning on selling any toys. :cool:
If you've got a bad impression of a realtor, then I would say you've been working with the wrong realtor. We're only talking about the person you trust with what is most people's single biggest asset. The only way we're remotely like car salesmen, is if you're one of those living out of your car, I guess. Otherwise, you don't understand what we really do, and you very well could be one of those that are upside down right now, or heading for it. Best of luck to you.

cdog
01-25-2007, 11:19 AM
The good news is the Socal MLS membership is down by 30%. The newbbbbz and do it 4 free jerks are droppin like flyz.:D

speedneeder
01-25-2007, 11:26 AM
For all the people that say its at an all time low. I suppose we shouldnt talk about how inflated prices are in comparison to the 95-98 era. Of course that was a very inexpensive market.
I may be incorrect but I seem to recall the upswing beginning around 98. I suppose it may just be perspective. If you jumped into the real estate market in 04-05 the drop may seem significant. Personally I feel it has at least another 25% to go within 18-24 months.

CA Stu
01-25-2007, 12:00 PM
well good for you can u pull down your pants and show us all how big you are too? what i meant was some people can afford the payment but not the up front fees. but you might not understand that cause your such a baller.
I don't know how old you are, but the rest of your screen name sure fits. :D
I'm no baller, I just live within my means.
Financing a depreciating asset with no potential for even tax relief to recover some of your loss is about the stupidest financial decision a person can make.
But don't let that stop ya, I mean hell, the payment is right, and the neighbors have one!
Thanks
CA Stu

Taylorman
01-25-2007, 12:28 PM
find a GOOD agent, Find homes you like that have been on the MLS for an extended amount of time, or even re-listed. And start throwing out offers.... Many deals to be had. Have a client that has picked up 4 homes in the last few months WAY below market value. "ANYTHING purchased right is already half sold"
AND call me for your financing :)
The mortgage industry is changing fast also. Im a broker in Louisiana. Subprime lenders are tightening up and going out of business. Tobtek, your a subprime lender?

dumbandyoung
01-25-2007, 01:54 PM
Which one are you? Right or left picture? Mark or Al? Pretty soon everyone on here is only going to know you from behind...
im dennis.. i work for mark and al...and what the fock is that supposed to mean..
its funny when you guys talk shit.

dumbandyoung
01-25-2007, 01:56 PM
Hey, no problem. You would be amazed at how fast you can type using all ten fingers. Thanks for making me laugh as well.
PS, I received your PM and I will start with the particulars. Of course, as soon as your check clears I will have more information for you.
As before, optimistically yours,
Troy
received what pm?? your a real piece of shit.. i hope i see you on the water so i can say it to your face.

dumbandyoung
01-25-2007, 01:57 PM
I don't know how old you are, but the rest of your screen name sure fits. :D
I'm no baller, I just live within my means.
Financing a depreciating asset with no potential for even tax relief to recover some of your loss is about the stupidest financial decision a person can make.
But don't let that stop ya, I mean hell, the payment is right, and the neighbors have one!
Thanks
CA Stu
:D

dumbandyoung
01-25-2007, 02:00 PM
Kilr- You are right on! No matter what profession one is in, optimism is a MUST!
Sorry to bash on RE Agents, but...It looks like the Used Car Lot salesman jobs will be greatly impacted over the next few years. It's simply survival of the fitest at this point! Many RE Agents will be selling their boats, Rhinos, Rails, Hummers, etc. So SAD to see.:sqeyes:
Not this one:)

DCBDaytona
01-25-2007, 02:11 PM
received what pm?? your a real piece of shit.. i hope i see you on the water so i can say it to your face.
Wow, an RE Agent who can't spell, type and talks sh!t? I never expected this.:)

dumbandyoung
01-25-2007, 02:21 PM
Wow, an RE Agent who can't spell, type and talks sh!t? I never expected this.:)
dude i type fast and dont bother to check spell. dude its just a hot boat forum. not a resume. chill out.
its funny i come in here giving my 2 cents about this topic and everyone starts attacking because i said 100% financing is a good thing. while most of you on this thread are not in this business but think since you watch the news know everything about real estate. thats fine.. do that. all i did was offer my opinion. not to criticize anyone. look i go to work every day do my job.. and do great at it. if people have questions or concerns about real estate i dont mind talking to them about it. i dont come on here to beat people down when they throw out their 2 cents.

Troy McClure
01-25-2007, 02:31 PM
received what pm?? your a real piece of shit.. i hope i see you on the water so i can say it to your face.
Real nice, tough guy. Just remember, before you throw out anymore threats, I know where you work.:jawdrop: :jawdrop:
Since you edited it, I'll remind you, http://www.markandal.com/

CBadDad
01-25-2007, 02:41 PM
I think 2010 will be a good year to buy. I've been watching and waiting for a couple of years now and am surprised that the slide hasn't been faster but it is heading downward, that nobody can deny. The RE industry as a whole has done a good job of propping it up for quite awhile. It'll be interesting to see what happens.
My take on all of this is -that it is how the powers that be want it. They like for it to plunge so they can gobble it up and then sell when it maxes out. They are happy with both markets. It's the wanna be ballers that get trampled on. So which one are you?
Fun times ahead indeed.

dumbandyoung
01-25-2007, 02:41 PM
i put daytona's comment in there i liked it better. :D
Here is my cell number call me up sometime Troy..714 907 6138 what other info do you want
hey what do you do for a living? ..just curious bad boy

USCFAN
01-25-2007, 02:46 PM
i put daytona's comment in there i liked it better. :D
Here is my cell number call me up sometime Troy..714 907 6138 what other info do you want
hey what do you do for a living? ..just curious bad boy
I hope that cellphone has a full charge because it is about to start ringing like nobody's business....

Pussywhippled
01-25-2007, 02:59 PM
i put daytona's comment in there i liked it better. :D
Here is my cell number call me up sometime Troy..714 907 6138 what other info do you want
hey what do you do for a living? ..just curious bad boy
You know I thought yesterday going back and forth with you, that you were a real piece of work. But I have come to the conclusion you are just pathetic...

Pussywhippled
01-25-2007, 03:05 PM
dumbandyoung,
I read your profile or whatever you call it...
Born in 1986? What that makes you 11? And don't rag on my math spelling bee champ.
Do you even own a boat? If so what kind?
You being in real estate and all it's probably a real baller of a ride.
You should probably move over to OSO to hang out with some "real money" people like yourself.

ratso
01-25-2007, 03:09 PM
People have told me the real estate market is
DOOOOOOMED

dumbandyoung
01-25-2007, 03:29 PM
dumbandyoung,
I read your profile or whatever you call it...
Born in 1986? What that makes you 11? And don't rag on my math spelling bee champ.
Do you even own a boat? If so what kind?
You being in real estate and all it's probably a real baller of a ride.
You should probably move over to OSO to hang out with some "real money" people like yourself.
i just sold an Omega Jet with a blown 454. im looking for 26' + cat right now. i own my own house at the river in willow...not daddies house..my house. and born in 1986 would make me 20. what were you doing at 20 pal?

Havasu1986
01-25-2007, 03:37 PM
i own my own house at the river in willow...not daddies house..my house. and born in 1986 would make me 20. what were you doing at 20 pal?
On 12/27/06 you stared a thread about water damage at your doublewide trailer you split with your G-Pa. You may want to edit your last post.:D

USCFAN
01-25-2007, 03:40 PM
On 12/27/06 you stared a thread about water damage at your doublewide trailer you split with your G-Pa. You may want to edit your last post.:D
:jawdrop:

KineticoH20
01-25-2007, 03:40 PM
On 12/27/06 you stared a thread about water damage at your doublewide trailer you split with your G-Pa. You may want to edit your last post.:D
That's hilarious, game ,set and match:hammer2:

dumbandyoung
01-25-2007, 03:44 PM
On 12/27/06 you stared a thread about water damage at your doublewide trailer you split with your G-Pa. You may want to edit your last post.:D
we quitclaimed me only. he ownes a trailer 3 down that he uses. he helped me buy it. i will admit alot of the money that i used to buy it was inherited but its mine.

bigq
01-25-2007, 03:47 PM
we quitclaimed me only. he ownes a trailer 3 down that he uses. he helped me buy it. i will admit alot of the money that i used to buy it was inherited but its mine.
ROFL...you might want to stop right there...just a warning:D

dumbandyoung
01-25-2007, 03:47 PM
did you get the snatch shot yet.
hahaa
hey im not trying to show that im some baller or anything. if you go back to my first post on this thread all i did was give my 2 cents. why is everyone on my ass now? its funny because this happened on another thread in spam too. it was called loosing your home or something:confused:

Havasu1986
01-25-2007, 04:30 PM
did you get the snatch shot yet.
hahaa
hey im not trying to show that im some baller or anything. if you go back to my first post on this thread all i did was give my 2 cents. why is everyone on my ass now? its funny because this happened on another thread in spam too. it was called loosing your home or something:confused:
No snatch shot yet...I will give you credit for being ambicious at 20 though. I didn't get my 1st house in Havi until I was 26 in 1986. The year you were born. Now I'm feeling old son. :D

Sportin' Wood
01-25-2007, 05:06 PM
Opinions are like a$$holes I guess. I have a few....Opinions that is!
You can't get all your insight from the Media they are a little behind.
Like this little gem,
http://www.ocregister.com/ocregister/money/abox/article_1554350.php
Old news for me, It will be interesting what impact this has on the home building industry. HHHHmmmm. Mandy you need a plumber for the rehabs?
I have a ton of stuff on the books, and there is tons of dirt sitting ready to build. My gut tells me we are not done falling yet but the handwritting on the walls says construction will start back up. Interesting times. I'm just glad my company is small and not top heavy like the guy I sat next to in a meeting today or the gal that went from 4000 employees to 300. Thats a lot of mouths out of work.
My gut tells me that the damage is done and there are now too many people out of work in Construction. The trickle down effect will start and its gonna slide if its not fixed soon.
I almost pulled the trigger this week on a house $150,000 under asking price. its a perfect house, and a great price but my gut sounds like Jack Black saying "Wait for it wait for it" We'll see. Somebody should keep track of all the predictions and post them up when they do or don't come true.
I'm gonna hold another couple weeks and check the bet.

Sportin' Wood
01-25-2007, 05:09 PM
http://www.ocregister.com/ocregister/money/abox/article_1555180.php
Theres another one for you. Whats driving that? Dum Dum's that are trying to save there houses I would guess. My Lender freind is busy!

dumbandyoung
01-25-2007, 05:13 PM
No snatch shot yet...I will give you credit for being ambicious at 20 though. I didn't get my 1st house in Havi until I was 26 in 1986. The year you were born. Now I'm feeling old son. :D
thanks man!
hey your not old just older than me....pm me the snatch shot when you get it haha
For everyone else. i will try to not be a smart ass as much. im over bickering. have a great day to you all!:D

HavasuSelect
01-25-2007, 05:16 PM
Dumbandyoung are you sure you're not Robin Boyer?

dumbandyoung
01-25-2007, 05:17 PM
who is that?

HavasuSelect
01-25-2007, 05:21 PM
who is that?
Do a search on him.

77charger
01-25-2007, 05:44 PM
Was reading today in the paper that Lennar homes is asking(I mean demanding)that subs they havent paid yet to lower the price on their outstanding invoices or they will not be allowed to bid on any new construction projects because they had a bug profit loss and think that the subs should take a hit too.This was on work already done.
Home loans seem easy to get these days when we bought our house in 2000 the lender told us to qualify the loan amount had to be under 2.5 times your income at most now 100k a year can get a 700k plus home go figure??That is where the problem lies.IMO

dumbandyoung
01-25-2007, 05:47 PM
Do a search on him.
this was the only re agent named robin boyer i found
and its not a him?\
http://www.getshomessold.com/agents/agent_robinboyer.jpg

Mandelon
01-25-2007, 05:50 PM
145%. Hmmmm seems a lot more than that.
If it went from one home to two homes, that'd be 100%......it should be up several thousand percent....but its easy to manipulate the numbers. The papers and press do it to sound dramatic.
Take some of the near new condo developments we are in now working on units. Eastlake in Chula Vista. Values are down 50 to 75K. so far..... Why pay your mortgage if you can rent the same place next door for 1/2 the cost? 100% financed, paying interest only, with negative appreciation.....there's no upside at all.

Hallett19
01-25-2007, 06:13 PM
145%. Hmmmm seems a lot more than that.
If it went from one home to two homes, that'd be 100%......it should be up several thousand percent....but its easy to manipulate the numbers. The papers and press do it to sound dramatic.
Take some of the near new condo developments we are in now working on units. Eastlake in Chula Vista. Values are down 50 to 75K. so far..... Why pay your mortgage if you can rent the same place next door for 1/2 the cost? 100% financed, paying interest only, with negative appreciation.....there's no upside at all.
I've always liked your posts Mandy. Do you work in the Los Angles area? i have some questions for you about helping me get accurate bids to repair the REO listings I have. Email me when you get a chance at aaron.vanwagner@dilbeck.com and thanks for the informative posts.

Mandelon
01-25-2007, 06:22 PM
aharon??!??!! :eek: :D :D Sure, check your mail.

locogringo
01-25-2007, 06:31 PM
So many of these cases of homes and values dropping is not only based off of market trends and the current trend we are in but there are a ton of extraenneous circumstances that are additionally affecting the market.
So many sellers I am running across were involved in straw lending, had no idea what was really going on (yeah right) and are in a world of hurt.
Just read this article about Murrieta/Temecual and the scandals that are going on down there. Pretty crazy.
Can't say it is a localized event when half of San Diegos homes on teh Active MLS are vacant.
Mandelon will be busy until 2011, more like, swamped.
http://www.prweb.com/releases/2007/1/prweb497285.htm

dumbandyoung
01-25-2007, 06:33 PM
This is straight form the NAR(National Association of Realtors):D
***this only covers the areas I work in the cities are listed below.
http://img260.imageshack.us/img260/3505/img0002pe2.jpg
haha i left a pic of my truck on top and you can see it ahhaa

locogringo
01-25-2007, 06:33 PM
aharon??!??!! :eek: :D :D Sure, check your mail.
lol

Pussywhippled
01-25-2007, 07:35 PM
i just sold an Omega Jet with a blown 454. im looking for 26' + cat right now. i own my own house at the river in willow...not daddies house..my house. and born in 1986 would make me 20. what were you doing at 20 pal?
Wow how much can you get for an Omega jet with a blown motor? On your next boat keep off the throttle and maybe you won't blow your motor...
Your looking for a 26ft Cat? Look for insurance first then find a boat.
Willow Valley, mobile with tires on the roof, whats that $800k...
Where do you live here? No mention of a house with out propane and septic...
At 20 I was getting laid regularly and wouldn't waste poon-time doing what your doing at 20...

dumbandyoung
01-25-2007, 08:16 PM
Wow how much can you get for an Omega jet with a blown motor? On your next boat keep off the throttle and maybe you won't blow your motor...
Your looking for a 26ft Cat? Look for insurance first then find a boat.
Willow Valley, mobile with tires on the roof, whats that $800k...
Where do you live here? No mention of a house with out propane and septic...
At 20 I was getting laid regularly and wouldn't waste poon-time doing what your doing at 20...
wtf is your problem dude...it wasnt blown up?!?!
i already know insurance is gonna cost a grip it cost me a grip on my truck too. but its cool caz i make the cash. mr pussy whipped.. look at your name. ?!?! did you ask your wife if you could come on line and talk shit to a 20yr old??? Well im glad u spent your time doing what ever u did. ill spend mine making cash. money talks not past childhood memories of banging whatever raunchy chicks u did. :jawdrop:

HavasuSelect
01-25-2007, 08:24 PM
this was the only re agent named robin boyer i found
and its not a him?
Robin Boyer was a kid on this site a while ago who got banned. You remind me of him. The only difference is he didn't brag about how much money he had and how big of a baller he was.
Nobody gives a damn about your age. Nobody gives a damn about how much money you make. Nobody gives a damn about what you have.

dumbandyoung
01-25-2007, 08:27 PM
dude maybe you should read the whole thread.

HavasuSelect
01-25-2007, 08:28 PM
dude maybe you should read the whole thread.
I don't need to read the whole thread. I've seen you post the same thing in about 5 different threads.

dumbandyoung
01-25-2007, 08:29 PM
So I actually put up facts and try and get back to the topic.. but everyone still wants to play who's dick is bigger...im over this thread..i gave you all my number if you wanna talk shit. ;)
This is straight form the NAR(National Association of Realtors):D
***this only covers the areas I work in the cities are listed below.
http://img260.imageshack.us/img260/3505/img0002pe2.jpg
haha i left a pic of my truck on top and you can see it ahhaa

Pussywhippled
01-25-2007, 08:39 PM
So I actually put up facts and try and get back to the topic.. but everyone still wants to play who's dick is bigger...im over this thread..i gave you all my number if you wanna talk shit. ;)
Recycler & Craigslist ads
This is how they will read...
1957 Chevrolet, 2 door, 350 engine, fresh paint, divorce forces sale, I want it gone, $2,500.00 call anytime Denise 714-907-6138

dumbandyoung
01-25-2007, 08:42 PM
go ahead and do that. you know you crack me up that your lame ass doesnt have anything better to do. why dont you call me up??

CA Stu
01-25-2007, 11:30 PM
See you next Tuesday!
Thanks
CA Stu

CA Stu
01-25-2007, 11:34 PM
So many of these cases of homes and values dropping is not only based off of market trends and the current trend we are in but there are a ton of extraenneous circumstances that are additionally affecting the market.
So many sellers I am running across were involved in straw lending, had no idea what was really going on (yeah right) and are in a world of hurt.
Just read this article about Murrieta/Temecual and the scandals that are going on down there. Pretty crazy.
Can't say it is a localized event when half of San Diegos homes on teh Active MLS are vacant.
Mandelon will be busy until 2011, more like, swamped.
http://www.prweb.com/releases/2007/1/prweb497285.htm
I want to buy you and Mandelon a beer.
Thanks
CA Stu

locogringo
01-26-2007, 12:34 AM
I want to buy you and Mandelon a beer.
Thanks
CA Stu
Really? How about a black and tan. Haven't had one of those in quite a while.
:D :D :idea:

Hallett19
01-26-2007, 10:45 AM
Did anyone go to REO MAC lastnight in L.A.?

ratso
01-26-2007, 11:13 AM
Robin Boyer was a kid on this site a while ago who got banned. You remind me of him. The only difference is he didn't brag about how much money he had and how big of a baller he was.
Nobody gives a damn about your age. Nobody gives a damn about how much money you make. Nobody gives a damn about what you have.
ROTFLMAO... We need to get dumb, Boyer, and blown dough all together... that would make a Hell of a thread! :D

Mandelon
01-26-2007, 01:57 PM
Did anyone go to REO MAC lastnight in L.A.?
Considered it, one of our best customers was one of the speakers. I taught him everything he knows... LMAO.
(Does that make me cooler?) :D

My Man's Sportin' Wood
01-26-2007, 02:00 PM
No.

Mandelon
01-26-2007, 02:01 PM
I want to buy you and Mandelon a beer.
Thanks
CA Stu
WoooHooooooooo:)

HavasuSelect
01-26-2007, 04:27 PM
ROTFLMAO... We need to get dumb, Boyer, and blown dough all together... that would make a Hell of a thread! :D
With a pinch of "Later" and a dash of "Threaded". Now that would make one hell of a ***boat stew.

CBadDad
01-27-2007, 09:25 AM
Recycler & Craigslist ads
This is how they will read...
1957 Chevrolet, 2 door, 350 engine, fresh paint, divorce forces sale, I want it gone, $2,500.00 call anytime Denise 714-907-6138
Man that's funny shit right there.
This has been a great thread - entertaining and educational - it's why I keep commin' back. Thanks all.

Jordy
03-23-2007, 10:25 AM
How did I miss this thread??? :confused: :eek: